A Look Back at Retirement Savings in 2023


Where do you stand with retirement savings?

This is a subject we should all be focused on. However, it’s easy to get behind. Especially with the current economy, putting money away isn’t always easy.

When we look back at the previous year, most Americans’ retirement accounts took a hit. The numbers show that the median plan balance fell to $23,818, with growth rates in the negatives. Yikes!

That’s the bad news. But here at the Council for Retirement Security, we like to look on the bright side as well. Here’s why the state of retirement savings may not be as dire as initially thought.

How Important are Retirement Savings?

There’s no question that it’s important to have enough money to support your needs in retirement. But is that number as high as once believed?

Some experts say that the often-cited figure of a $500,000 minimum is not accurate anymore. You can make it on less than this, especially if you take the right steps.

These can include living on a smart budget, taking advantage of senior discounts, supplementing retirement income with private pensions, using side hustles, and downsizing your life.

It’s also possible that if the economy improves, so will retirement planning options. While the future of the economy may be uncertain, we can continue planning around it.

We work to help seniors maintain their Social Security benefits. Our Social Security Lock-Box Petition aims to protect the money retirees have earned. Sign it if you support this cause, and the future of retirement for everyone


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